NNN Optometry Center
For Sale
Contact for pricing
2396 E Franklin Boulevard, Gastonia, NC 28054
For sale medical center with a 10-year NNN lease to a national optometry operator.
Property Size4,370 SF
Price / SF$372
Days on Market99
Property Features for 2396 E Franklin Boulevard
General Information
Standard status
Active
Size
4,370 SF
Property subtype
Retail
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$110,004
Additional Details
Highway Access
Yes
Building Details
Year Built
1977
Tenancy
Single
Listing Agency:
MECA Commercial Real Estate
Listed By:
Bob Clay, CCIM · License #NC 68066
Source:
Crexi
Added: May 30
Changed: Aug 14
Last Checked: Sep 4 at 4:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MECA Commercial Real Estate
Investment Insights
Based on property information with market context.
This property is a leased medical center configured as an optometry location under a Ten (10) Year NNN lease. The lease for Elevate Eyecare originated on December 15, 2026 and is structured on a triple-net basis, placing key operating responsibilities on the tenant as described in the offering remarks.
The building is located at 2396 E. Franklin Boulevard in Gastonia, North Carolina, positioned along E. Franklin Boulevard (NC Hwy 29-74). The property is presented as an investment along this heavily traveled corridor, with visibility and access supported by its placement on the state highway.
For investors seeking a stabilized, net-leased healthcare asset, the long-term NNN structure and the presence of a multi-market optometry operator may align well with a buy-and-hold strategy or an IRC Section 1031 Exchange. The offering is available for purchase, with the current terms centered on the stated 10-year NNN lease beginning December 15, 2026.
The building is located at 2396 E. Franklin Boulevard in Gastonia, North Carolina, positioned along E. Franklin Boulevard (NC Hwy 29-74). The property is presented as an investment along this heavily traveled corridor, with visibility and access supported by its placement on the state highway.
For investors seeking a stabilized, net-leased healthcare asset, the long-term NNN structure and the presence of a multi-market optometry operator may align well with a buy-and-hold strategy or an IRC Section 1031 Exchange. The offering is available for purchase, with the current terms centered on the stated 10-year NNN lease beginning December 15, 2026.
Key Highlights
- Medical center for sale with a 10‑year NNN lease to a national optometry operator
- NNN lease originated December 15, 2026
- Property built in 1977
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,864
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,217,280
$1.2M
Cap Rate 7%
$869,486
$869.5K
Cap Rate 9%
$676,267
$676.3K
Market Conditions
NOI Build-Up for 4,370 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$109.1K $24.96/SF
− Vacancy
−$7.6K −$1.75/SF
EGI
$101.4K $23.21/SF
− OpEx
−$40.6K −$9.29/SF
NOI
$60.9K $13.93/SF
Area
Gaston County, NC
Vacancy
7.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,217,280
Cap Rate 7%
$869,486
Cap Rate 9%
$676,267
Alternative Uses
Best Use
Healthcare Medical
$869.5K
$760.8K – $1.01M
NOI $60,864 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.20M – $1.60M
NOI $96,280 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 28054, NC
40,548
Population
18,351
Households
2.2
Avg Household Size
40
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
2,101
Density / Sq Mi
$59,524
Median Household Income
$39,883
Median Earnings
$1,150
Median Rent
$220,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - For sale medical center with a 10-year NNN lease to a national optometry operator.
Where is this medical center located?
The property is located at 2396 E Franklin Boulevard Gastonia, NC.
What is the asking price?
The asking price for this property is $1,630,000.
What are key features of this property?
This property features: Medical center for sale with a 10‑year NNN lease to a national optometry operator; NNN lease originated December 15, 2026; Property built in 1977
